is wolfram profitable the answer is no, page-36

G'day Mr Parmenio,
I too am impressed with management.
What i look for in a stock is cash flow that can support blue sky activities. QOL seems to meet my criteria.
But it all hinges on success with Wolfram Camp. By end 08 we will know but right now I am optimistic. I had expected first shipment of Wolframite this week or early next - I guess it will be a 20 tonner and it could still happen. Big plus for company is the absence to date of debt finance (maybe more luck than judgement).
Mt Cannidah sounds a nice little earner - good quality ore body that will be on the easy side to both mine and process. Should expect high recoveries of Cu and Au with costs in lower quartile.
Bamford Hill is the real icing on this cake - electromagnetic studies to start soon followed by serious drilling.
Risks are - poor grades in yr 1 for Wolfram Camp, volatility in MoO3, WO3 prices (could also be a plus), can't get water supply for Cannidah.
Pluses are capital sunk, no debt and we are projecting forward from an ev of $24 million - could lead to some nice PE's.
Today I discarded my spp docs (destroyed cheque) and bought on market at 11c - if it goes lower will repeat process.